Snai Q1 online revenues up 30%
Italian operator posts strong digital growth but division remains small part of wider business
Italian gaming giant Snai has recorded a 30% increase in digital revenues following the launch of a new website and a small boost provided by the recently acquired Cogemat business.
Total online revenues for the three months ended 31 March were ?12.7m, up from the ?9.8m posted during the same period in 2015.
The operator’s digital sportsbook and gaming verticals were equally balanced with the former contributing ?6.6m in revenues, up 27%, and the latter ?6.1m, up 33%.
The majority of the growth came through organic means, however, last year’s purchase of Cogemat provided an additional ?0.5m to the digital coffers.
Online sportsbook turnover was up 61% year-on-year to ?68.4m, amounting to 26% of Snai’s total betting turnover which takes into account its larger land-based business.
Meanwhile, online gaming stakes were ?233.1m during the period, a rise of 27% when compared to the same period last year.
Total group revenues were ?220.2m, up from ?156.1m in Q1 2015.
“These are encouraging results of this first quarter of the new group,” Fabio Schiavolin, Snai CEO said.
“[The results] confirm the effectiveness of the integration project and actions so far put in place, although there are still further efforts needed to allow the return of the SNAI Group to full profitability and competitiveness by reinforcing the leadership position in its market,” he added.
Schiavolin was appointed CEO last year following the merger and the resignation of his predecessor Giorgio Sandi.